New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-04-02
TIE ADMINISTRATION BACKING.

Some interesting information about Mr. Man
nings withdrawal from the Treasury, apropos to
the appointment of Mr.. Fairchild, comes al the
way from Louisville. "1he CourierJourDal "
states that M Manning and the President did
not cordially agree that the Secrctary's rcsig-
nation was desired long before it was given ;
that his course in regard TO the silver question
was especially unpleasant 10 the President.
when the reply IN answer to an inquiry OF the
House regarding the issue Of one and two dol
lar certificates was prepared by Mr.. Marble and
signed by Mr.. Manning and that the President
had an interview with the Secretary. whose
resignation thcreupon followed But this is
venerable news, entitled to respect chiefly Tor
its antiouity. When Mr. Manning's last report
and aftelward when his answer to the House
resolution appeared, THE TRIBUNE had no dlfil-
Guilty in recognizing and naming the author
and il even pointed out tho fact that MIR.
Marbles part of tho very able report did not
strictly agree with the part which might be
attributed to the Secretary or the President.
1t was long ago observed that the President
seemed cautiously steering toward harmony with
his party, through Abandonment of the financial
opinions so strongly expressed In his antc-lIl-
angual letter on silver, and that the executive
arrangement Of the Treasury did not harmonic
with the financial essay signed by Mr.. Manning.
The report to the House was entirely natural
for shreNd and zcalOus gentleman OF no re
sponsbility, but not quite in place for the
head Of an executive department, in answer TO
inquiries from his political supporters in Con-
gress.
Tildcnism went out Of the Administration
4I,o4
ism went out. and Garland, Lamar and Villas
remained The Southern and Western soft
money mon hold their ground; the Secretary
who had given the Administration financial
reputation by what he had written or signed
rather than by anything he had DONE is elm
mated. 1t is especially worth notice now that
the conduct of the Treasury last fall, when
paper circulation was so largely expanded in
preparation for the elections, was not due TO
the crippled and absent Secretary, hut either
to the President himself or to the acting Score
tary. Mr.. Fairchild, who has now succeeded Mr.
Manning. All that made the Administration
acceptable financially 10 conservative and prac-
teal business men of this city pertains to its
earlier course and has been eXpurgatcd by the
President.
Business men will not re slow to draw inn
portant differences from this change. in the
speculative markets the later policy las been
accepted with appreciation; it means higher
prices for the moment, and so long as more
money can I've pushed into circulation, and for
the rest the Spectator cares not pewter
penny. After us The deluge, is his motto But
the great merchants the captains of industry.
| the solid investors and the sound bankers, have
looked askance a. the plan Of borrowing
money on silver notes for the purpose OF IN
Eating circulation ard retiring bank notes al
the same time Last July began with S52,-
| ass. 72O standard silver III actual circulation
ard $SS 1925 silver certificates; on uc
first of March there was in circulation SOL
F44O787 standard silver and S12l, 80, 100
silver certificates. An expansion Of $3s, 900
600 in the amount Of silver notes and coin cir
crlated. in addition to $23 ,91G,99O gold Ger
tifcatos put into circulation, illustrates tho
method which is plainly not Mr.. Tildcn's.
How far the Administration will 90 in this
direction, how far it will favor the notions Of
,slc papcr-money men who control every DEM
ocratc caucus, and the election Of every Dem
ocratc Speaker, ard the framing Of every
Democratic enactment, Is a matter of conjcct-
IRE. From January, 1875, to July. 1856, for
eleven years of wonderful progress in industry,
the country was saved by Republican Admin
istIations or Republican legislation from the
dangers of Paper imitation. Mr.. Manning
policy in that respect was simply Republican
policy.